Third Party Risk Management Software
When tasked with a third party risk management, organisations typically start out with the simplest solution possible…Excel spreadsheets, emails and manual processes. This approach might work on a small scale, but very quickly an organisation will encounter one or more of the following challenges:
- Managing all your third party risk activities using Excel spreadsheets, emails and shared drives is too cumbersome, inefficient and repetitive.
- Manual third party risk management activities consume valuable skilled staff resources and time.
- Difficulty in easily identifying your critical third parties and their latest risk assessment ratings.
- There is too much information to easily & reliably track third party risks in spreadsheets.
- Managing reminders in calendars to start and complete third party risk assessments or perform manual follow up with third parties, is inefficient and time consuming.
- Lack of search functionality and reporting from a single repository makes it difficult to get the right information when you need it.
- Difficulty in compiling reports on third party risks for various levels of stakeholders in the organisation (from Relationship Managers to Board and Risk Management Committees).
- Over-reliance on manual oversight, leads to human error that could impact important business decisions.
If your organisation is struggling with any of the above challenges, then Digirisk has the solution to assist you. We have partnered with Phinity Risk Solutions to provide Triplicity, a cost-effective SAAS solution that supports all stages of the Third Party Governance and Risk Management lifecycle.